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Oil ministry forms committee to monitor performance of ONGC, OIL

06 Jun 2017 Evaluate

The Oil Ministry has formed all- powerful review committees in order to monitor performance of Oil and Natural Gas Corporation (ONGC) and Oil India (OIL). The committee will have the power to relinquish any oil and gas field for auctioning to private firms.

The two panels - one each for ONGC and OIL, will review from annual work programme and budget to declaration of a discovery as commercial as also reservoir and production performance, monitoring of development activities and collaborations with other explorers.

Being dubbed as ‘super-boards’, the committees will be headed by the ministry’s upstream nodal authority DGH, and will review and monitor performance of areas given to ONGC and OIL on nomination basis.


Peers
Company Name CMP
ONGC 226.00
Oil India 453.50
Jindal Drilling&Inds 495.90
Deep Industries 668.65
Asian Energy Service 408.80
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